Handbook of Sports and Lottery Markets (Handbooks in Finance) (Handbooks in Finance)

Its basic empirical research and investigation of pure theories of investment in the sports and lottery markets make this volume a winner. These markets are simpler to study than traditional financial markets, and their expected values and outcomes are uncomplicated. By means of new overviews of scholarship on the industry side of racetrack and other betting markets to betting exchanges and market efficiencies, contributors consider a variety of sports in countries around the world. The result is not only superior information about market forecasting, but macro- and micro-analyses that are relevant to other markets. * Easily studied sports markets reveal features relevant for more complex traditional financial markets * Significant coverage of sports from racing to jai alai * New studies of betting exchanges and Internet wagering markets Pari-mutuel Horse Race Wagering – Competition from Within and Outside the Industry by Mukhtar Ali, University of Kentucky and Richard Thalheimer, University of Louisville Modeling Money Bet on Horse Races in Hong Kong by John Bacon-Shone, University of Hong Kong and Alan Woods Utility and preference estimation by Bruno Jullien, Universite de Toulouse and Bernard Salanie, Centre de Recherche en Economie et Statistique Approximating the ordering probabilities of multi-entry competitions by a simple method by Victor Lo, Fidelity Investments, Boston and John Bacon-Shone, Social Sciences Research Centre. University of Hong Kong Modeling Distance Preference David Edelman The Favorite Longshot Bias: An Overview of the Main Explanations by Marco Ottaviani, London Business School and Peter Norman Sorensen, University of Copenhagen Examining explanations of a market anomaly: preferences or perceptions? by Erik Snowberg, Stanford University and Justin Wolfers, University of Pennsylvania Unifying the Favorite-Longshot Bias with Other Market Anomalies by Russell S. Sobel and Matt E. Ryan, Department of Economics, West Virginia University The Favorite-Longshot Bias in S&P 500 and FTSE 100 Index Futures Options: The Return to Bets and the Cost of Insurance by Robert G. Tompkins, Hochschule fur Bankwirtschaft, Germany, William T. Ziemba, UBC, and Stewart D. Hodges, Univesity of Warwick Efficiency of racetrack betting markets Donald B. Hausch, University of Wisconsin and William T. Ziemba, UBC Pointspread and Odds Betting in Baseball, Basketball and American Football Hal S. Stern, University of California, Irvine Comparing Efficiency of the Over/Under Bets on NFL and NBA Games by Joseph Golec and Murray Tamarkin, Clark University Arbitrage and risk arbitrage in Team Jai Alai Daniel Lane, University of Ottawa and William T. Ziemba, UBC Semi-strong form efficiency in the horserace betting market Johnnie Johnson and Ming-Chien Sung, University of Southhampton The dosage breeding theory for horseracing predictions Marshall Gramm, Rhodes College and William T. Ziemba, UBC Efficiency in Horse Race Betting Markets: The Role of Professional Tipsters Olivier Gergaud, University of Reims and Bruno Deschamps, University of Bath Index betting for sports and stock indices John Haigh, University of Sussex and Leighton Vaughan Williams, The Nottingham Trent University Prediction Markets: From Politics to Business (and Back) Erik Snowberg, Stanford University, Justin Wolfers, University of Pennsylvania and E. Zitzewitz, Dartmouth College Betting exchanges: a technological revolution in sports betting Michael A. Smith, Canterbury Christ Church University Leighton Vaughan Williams, Nottingham Business School, Nottingham Trent University Soccer betting in Britain David Forrest, University of Salford Efficiency of soccer betting odds - evidence from a pan-European electronic market Stephen Kossmeier and Simon Weinberger, Institute for Advanced Studies, Vienna, Austria How to design a lottery Ian Walker, University of Warwick The statistics of lotteries John Haigh, University of Sussex US lotto markets Victor Matheson, Holy Cross College and K. Grote, Lake Forest College Its basic empirical research and investigation of pure theories of investment in the sports and lotto markets make this volume a winner. With new overviews of scholarship on the industry side of racetrack and other betting markets to betting exchanges and market efficiencies, contributors consider a variety of sports in countries around the world. The result is not only superior information about market forecasting, but macro- and micro-analyses that are relevant to other markets as well. \* Major focus on the variety of market efficiencies \* Significant coverage of sports from racing to jai alai.\* New studies of betting exchanges and internet wagering markets